GBP/USD Technical Analysis: Flirting with 100-hour SMA/trend-line confluence support
• The pair has been oscillating between two converging trend-line over the 1-1/2 week or so, forming a bearish rising wedge chart pattern on hourly charts.
• However, repeated rejection slides from the 1.2700 handle continue to find some support near the lower trend-line support, now coinciding with 100-hour SMA.
• Technical indicators on hourly charts though have been losing some traction, have managed to hold in the bullish territory and seemed supportive of the dip-buying interest.
• Meanwhile, oscillators on the daily chart haven't been able to recover from the negative zone, indicating persistent selling bias on every attempted move higher.
• Hence, it would be prudent to wait for a convincing breakthrough the mentioned confluence support before traders start positioning for any meaningful near-term downfall.
GBP/USD 1-hourly chart
Today Last Price: 1.2658
Today Daily change: -7.0 pips
Today Daily change %: -0.0553%
Today Daily Open: 1.2665
Previous Daily SMA20: 1.2696
Previous Daily SMA50: 1.2847
Previous Daily SMA100: 1.2913
Previous Daily SMA200: 1.3231
Previous Daily High: 1.2708
Previous Daily Low: 1.2605
Previous Weekly High: 1.276
Previous Weekly Low: 1.2477
Previous Monthly High: 1.3176
Previous Monthly Low: 1.2723
Previous Daily Fibonacci 38.2%: 1.2668
Previous Daily Fibonacci 61.8%: 1.2644
Previous Daily Pivot Point S1: 1.2611
Previous Daily Pivot Point S2: 1.2557
Previous Daily Pivot Point S3: 1.2508
Previous Daily Pivot Point R1: 1.2714
Previous Daily Pivot Point R2: 1.2762
Previous Daily Pivot Point R3: 1.2816